EUR/USD, GBP/USD and AUD/USD uptrend halted by major resistance
EUR/USD, GBP/USD and AUD/USD rally into major resistance zones, with a break higher required to bring bullish continuation signals.
EUR/USD rally takes pair into major resistance zone
EUR/USD has been on the rise of late, with the pair moving into a major long-term descending trendline.
The uptrend still remains intact unless we see a break back below the $1.1696 level, yet this is clearly a consolidation zone that we must exit from to bring a more confident trending market once more. As such, watch for a break through $1.1909 or $1.1696 to signal the next move from here. Given the current uptrend, a break through $1.1909 looks likely.
GBP/USD looks to break through key resistance
GBP/USD has been slowing down in its ascent as it engages with a confluence of both long-term trendline and horizontal resistance ($13170).
With that in mind, a break through this area of resistance would give a bullish continuation signal, while a drop through $1.2981 would bring a bearish outlook for the pair.
AUD/USD continues its ascent as price hits 17-month high
AUD/USD continued its ascent, with the pair tentatively reaching a fresh 17-month high this week.
Yesterday’s gains sought to continue that move, yet overnight weakness hindered the hopes of an imminent breakout. As such, watch for a break through the $0.7243 level to bring about a fresh bullish signal for the pair. Ultimately, the uptrend remains intact until we see a break through the $0.7076 support level.
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